Meta to shut down Novi digital wallet
- July 3, 2022
- 0
Meta Corporation abandoned the full-scale launch of the Novi digital wallet and announced the closure of the project on September 1, 2022, after the completion of the pilot
Meta Corporation abandoned the full-scale launch of the Novi digital wallet and announced the closure of the project on September 1, 2022, after the completion of the pilot test.
Withdraw your money before the Novi pilot ends on September 1. For more information, visit the Novi Help Center: https://t.co/gvRBl4AdDt pic.twitter.com/WR0YLae5hX
— Novi (@novi) 30 June 2022
From July 21, users will no longer be able to top up their balance, and in September the Novi app and the service of the same name on WhatsApp will stop working. Account holders were advised to withdraw their assets on their own.
If money remains in your Novi account after the pilot is closed, we will try to transfer your funds to the bank account or debit card you linked to your account.
After the project is closed, users will also lose access to data related to their transactions, so Meta recommended that they upload this information via the appropriate option in the digital wallet settings.
According to CoinDesk, the company plans to use Novi-related developments in future projects, including startups focused on metadata.
Meta’s (Facebook at the time) plans to launch its own cryptocurrency became known in 2018.
In mid-June 2019, the company announced the launch of the global stablecoin Libra.
The Libra Association, a non-profit organization, was formed to manage the payment network. Its members included Visa, Mastercard, PayPal, Uber, Spotify, Andreessen Horowitz and Coinbase.
The project worried regulators, and there were hearings about it in the US Senate Banking Committee in July.
In October, it became known that payment firms Visa, Mastercard, PayPal, and Stripe were in no rush to sign official documents regarding participation in the Libra Association due to regulatory issues. Then they left the project.
In 2020, the company abandoned the original concept and renamed its digital wallet Calibra to Novi and the stablecoin itself to Diem. The consortium behind the project changed its name to Diem Association.
Despite numerous announcements, the launch of the project did not take place.
Recall that in January 2022, the Diem Association announced the sale of intellectual property and other assets related to the management of the stablecoin to Silvergate Capital Corporation.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
